The South Korean stock market opened higher, buoyed by record highs in the U.S. markets and expectations of reduced geopolitical risks in the Middle East.
As of 9:07 a.m. on May 22, the KOSPI index rose by 46.32 points (0.59%) to 7,861.91. The index started the day at 7,873.12, up 57.53 points (0.74%) from the previous trading session.
In the securities market, individual and institutional investors purchased a net 877.4 billion won and 194.4 billion won, respectively, while foreign investors sold a net 1.049 trillion won.
Han Ji-young, a researcher at Kiwoom Securities, stated, "Expectations for progress in negotiations between the U.S. and Iran are easing concerns over oil prices and interest rates, which had been sources of market instability. However, the recent surge in prices may lead to profit-taking, and volatility could continue due to changing news flows related to the U.S.-Iran situation."
On May 21, the Dow Jones Industrial Average closed up 276.31 points (0.55%) at 50,285.66, surpassing its previous record of 50,115.67 set on February 6.
The S&P 500 index rose by 12.75 points (0.17%) to close at 7,445.72, while the tech-heavy Nasdaq composite gained 22.74 points (0.09%) to finish at 26,293.10.
Early trading in New York was marked by volatility due to news regarding Iran negotiations, but optimism about a diplomatic resolution between the U.S. and Iran helped the market rebound.
President Donald Trump mentioned the negotiations with Iran were in their "final stages," and the U.S. Secretary of State indicated the possibility of progress, boosting investor sentiment.
Among the top market-cap stocks, SK Hynix (0.26%), SK Square (1.27%), LG Energy Solution (2.12%), Samsung Electro-Mechanics (4.32%), Doosan Enerbility (5.35%), and HD Hyundai Heavy Industries (1.49%) saw gains, while Samsung Electronics (-0.17%) and Hyundai Motor (-1.35%) experienced declines.
At the same time, the KOSDAQ index rose by 36.80 points (3.33%) to 1,142.77, starting the day at 1,119.43, up 13.46 points (1.22%).
In the KOSDAQ market, individuals sold a net 108.6 billion won, while foreign and institutional investors bought a net 106.0 billion won and 16.8 billion won, respectively.
Among the top KOSDAQ stocks, EcoPro BM (5.38%), Alteogen (3.27%), EcoPro (4.78%), Rainbow Robotics (0.54%), JUSUNG Engineering (9.88%), Kolon TissueGene (3.11%), and Samchundang Pharm (3.94%) were on the rise, while Iot Technics (-0.36%) faced a decline.
* This article has been translated by AI.
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